MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities was little changed Friday and the offering continues to remain oversubscribed.
Data released by the central bank showed that the average yield of the debt paper inched up to 1.8423 percent from 1.8422 percent during the auction last September 25.
The securities were offered for PHP50 billion and fully awarded after tenders amounted to PHP87.51 billion.
The bid coverage ratio stood at 1.7502, lower than the 1.8422 in the previous week’s auction.
This, after bids last week reached PHP69 billion, more than twice the PHP30-billion offer.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said the average rate of the debt securities is “generally unchanged from the previous week and comparable to the 28-day TDF rate in Wednesday’s auction”.
The rate of the 28-day term deposit facility (TDF) this week stood at 1.8426 percent.
“The sustained market interest for the BSP bill reflects ample liquidity in the financial system. Going forward, the BSP’s monetary operations will remain guided by its assessment of liquidity conditions and market developments,” Dakila added. (PNA)